Maori Party Commends Contribution To Economy

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Fri Jul 30 2010 12:00:00 GMT+1200 (New Zealand Standard Time)

Maori Party Commends Contribution To Economy

Friday, 30 July 2010, 4:11 pm
Press Release: The Maori Party

Maori Party Commends Tainui Contribution To Economy

Maori Party co-leader Tariana Turia is praising Tainui for their work in boosting the Waikato and Auckland economies, saying they are a great example of why the nation should get behind Treaty settlements.

“I am very proud of Tainui – they have come along way since 1995 when they received their $170 million settlement through to today which has seen them almost triple the value of their assets and become one of the country’s largest employers,” Mrs Turia said.

“There is a myth out there that no one but iwi benefit from Treaty settlements. The likes of Ngai Tahu, Tainui and many other iwi are proving that myth wrong and that’s why the nation must welcome Treaty settlements.”

Besides giving a $10 million dividend to their shareholder, Tainui Holdings Ltd is working on two main projects which will have economic spin-offs for the wider community. They include a new mall at The Base retail centre in Hamilton, which will see $120 million injected in to the Waikato economy and generate an estimated 770 full-time and 760 part-time jobs. The other project was a new $65 million Tainui Hotel at Auckland International Airport.

This week Tainui Group Holdings and Waikato Tainui Fisheries, which are owned by the iwi, announced increases in their net profit ($34.1 million) and turnaround $61 million) for the year ending 31 March 2009. This year, their total assets have increased by 6.5% to nearly $530 million.

ENDS

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